Budget surplus surged to $22 billion last year

The news: The federal government landed a much bigger-than-estimated budget surplus last financial year on the back of high commodity prices and robust jobs growth.

The numbers: The budget surplus for the 2022/23 financial year rose to $22.1 billion, according to the government’s final budget outcome released on Friday. The figure is well above the slender $4.3 billion surplus forecast in the May budget. The former Coalition government had originally forecast a $77.9 billion deficit for the year.

The context: The budget surplus marks the first time in 15 years that the government has brought in more revenue than it has spent. The improvement has been fuelled by a revenue windfall from persistently high commodities prices, as well as extra tax collected from individuals in a strong jobs market. Treasurer Jim Chalmers said the government's decision to bank most of the revenue upgrades "has been exactly right for the times and suited to the challenges we confront".